MG Motor India has announced that it will launch NFTs, becoming the first carmaker in India to do so. The carmaker will begin selling NFTs from December 28, and as per MG, the proceedings from the inaugural NFT collection will go towards community service. The sale will go live from noon, with 1111 units of digital creatives as part of the launch collection. MG will introduce its maiden NFT on KoineArth’s NgageN platform, which has been especially customised for MG’s transactions.
Speaking on the announcement, Gaurav Gupta – MG Motor India, said, “As an Auto-Tech brand, innovation has always been a driving force for MG. With this new initiative, we are taking a step to socialise NFTs. As this evolves it is set to bring MG owners, fans, MGCC members and the wider community together to celebrate and own invaluable digital creatives in its numerous forms. We are extending our existing relationship with KoineArth for our foray into NFT and the proceeds from this maiden sale will go towards supporting community service under MG SEWA.”
Praphul Chandra- Founder, KoineArth, said, “Our association with MG Motor in its debut voyage into the NFT is an exciting moment for us. At KoineArth, we are committed to creating immortal legacies for the most-loved brands through credible NFTs. Our collection with MG will be INR-based as well as GST-compliant, with a unique certificate of authentication for buyers using blockchain technology. We look forward to a fruitful partnership with the brand and building on NFT momentum.”